The trends and major driving factors in the insurance market, insurance methodologies and practices, and the identification of the major stakeholders in the insurance sector.
Skill reusability level
Relationships with occupations
Insurance market is an essential knowledge of the following occupations:
Insurance rating analyst: Insurance rating analysts analyse information related to insurance markets and their credit rating, prepare rating reports and invoices, compile financial data and present and explain credit rating opinions to stakeholders, clients and external parties. They work for insurance companies and calculate the insurance premium and rates for the company’s clients using both manual and automated methods.
Insurance agency manager: Insurance agency managers coordinate and oversee the operations of an institution or a branch of an institution that offers insurance services. They provide clients with advice on insurance products.
Insurance product manager: Insurance product managers set and direct the development of new insurance products, following the product lifecycle policy and the general insurance strategy. They also coordinate the marketing and sales activities related to the specific insurance products of the company. Insurance product managers inform their sales managers (or the sales department) about their newly developed insurance products.
Insurance broker: Insurance brokers promote, sell and provide advice on various insurance policies such as life insurance, health insurance, accident insurance and fire insurance to individuals and organisations. They also work as intermediaries between individuals or organisations and insurance companies, and negotiate the best insurance policies for their clients, arranging insurance cover where needed. Insurance brokers engage with new prospective clients, provide them with quotes for their policy needs, assist them in the signing of new insurance contracts and propose specific solutions to their specific problems.
Insurance market is optional for these occupations. This means knowing this knowledge may be an asset for career advancement if you are in one of these occupations.
Insurance claims handler: Insurance claims handlers ensure that all insurance claims are handled accurately and that payment for valid claims is made to the policyholders. They use statistical data and reporting to calculate and adjust claims as needed, communicate with and guide policyholders and monitor the progress of a claim.
Actuarial consultant: Actuarial consultants analyse, manage and provide guidance on financial impact of risks. They can work in fields related to insurance, pension, investment, banking, healthcare etc. Actuarial consultants apply technical and statistical models and theories to give strategic, commercial, and financial advice.
Actuarial assistant: Actuarial assistants perform statistical data research in order to set premium rates and insurance policies. They review the possibility of accidents, injuries and property damage by using statistical formulas and models.
Insurance collector: Insurance collectors collect payment for an overdue insurance bill. They specialise in all areas of insurance such as medical, life, car, travel, etc and recurrently contact individuals to offer payment assistance or to facilitate payment plans according to individual’s financial situation.
Financial manager: Financial managers handle all the matters in reference to the finance and investments of a company. They manage financial operations of companies such as the assets, liabilities, equity and cash flow aiming to maintain the financial health of the company and operative viability. Financial managers evaluate the strategic plans of the company in financial terms, maintain transparent financial operations for taxation and auditing bodies, and create the financial statements of the company at the end of the fiscal year.
Corporate treasurer: Corporate treasurers determine and oversee the financial strategic policies of a company or organisation. They use cash management techniques like account organisation, cash flow monitoring, liquidity planning and control, risk management including currency and commodity risks and maintain close connection with banks and rating agencies.
Property insurance underwriter: Property insurance underwriters assess and determine the risk and coverage of a client’s property insurance. They analyse and review underwriting policies according to legal regulations.
Insurance claims manager: Insurance claims managers lead the team of insurance claims officers to ensure they handle insurance claims properly and efficiently. They deal with more complex customer complains and assist with fraudulent cases. Insurance claims managers work with insurance brokers, agents, loss adjusters and customers.
Insurance clerk: Insurance clerks perform general clerical and administrative duties in an insurance company, other service institution, for a self-employed insurance agent or broker or for a government institution. They offer assistance and provide information about insurances to customers and they manage the paperwork of insurance agreements.
Title closer: Title closers handle and investigate all documentation needed for a property sale including the contracts, settlement statements, mortgages, title insurance policies, etc. They ensure compliance with legal requirements and review all the fees related to the real estate sales process.
Insurance underwriter: Insurance underwriters assess business risks and liability policies and make decisions about commercial property. They inspect the conditions of businesses’ properties, analyse inspection policies, assist with real estate and rent issues, prepare loan contracts and handle commercial risks in order to align them with business practices. Insurance underwriters analyse various information from prospective customers in order to assess the likelihood that they will report a claim. They work to minimise risk for the insurance company and make sure that the insurance premium aligns with the associated risks. They can be specialists in life insurance, health insurance, reinsurance, commercial insurance, mortgage insurance.
- Insurance market – ESCO